October 30, 2020
Centre City Real Estate Inc. (o/a Re/Max Centre City Realty Inc.) ("Centre City"), a Re/Max franchisee operating in Prince George, BC, and It'll Be Good Hold Co Inc., a holding company, were placed in receivership on October 30 on application by TD, owed approximately $1.2 million. TD, which has only received one payment against the companies' indebtedness since January 2020, entered into a forbearance agreement under which the companies agreed to repay their indebtedness before June. However, the companies failed to do so and consequently defaulted under the forbearance agreement. Furthermore, the companies could not secure any refinancing or investment during the forbearance period and have similarly been unable to do so since the expiry of its term. In October, Centre City's landlord issued a notice of termination of their lease and claimed for the arrears and the present value of all future rent payments over the unexpired portion of the term. MNP was appointed receiver. Owen Bird is counsel to the applicant.